Characteristics of Free Markets

Characteristics of Free Markets

12th Grade

58 Qs

quiz-placeholder

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Characteristics of Free Markets

Characteristics of Free Markets

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

glorious Adeneye

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58 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the characteristics of Free Markets according to the image?

Private Property, Profit Motive, Free Enterprise

Government Control, Private Property, Free Enterprise

Private Property, Profit Motive, Public Welfare

Profit Motive, Free Enterprise, Market Regulation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the concept of "supply" in economics refer to?

The amount of a product that is available for sale at any price.

The desire of consumers to own a product or service.

The amount of a product that the market can offer at a specific price.

The total amount of a product produced in a country.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the example given, how many iPhone 11s can Apple supply at $1,000 each?

10,000 iPhone 11s

50,000 iPhone 11s

100,000 iPhone 11s

75,000 iPhone 11s

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "demand" in economic terms imply?

The production capacity of a company.

How much (quantity) of a product or service is desired by buyers at a specific price.

The amount of money a company earns from selling its products.

The cost of producing a product.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines if consumers are willing and able to purchase a product?

The availability of the product in international markets.

The marketing strategies used by the company.

Their desire and financial capacity to buy the product at a particular price.

The legal restrictions on buying the product.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the quantity supplied of a good when its price increases?

A) It decreases

B) It remains the same

C) It increases

D) It is not affected by price changes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Law of Supply, if the price of a product drops, what is the expected impact on the quantity supplied?

A) Quantity supplied increases

B) Quantity supplied decreases

C) Quantity supplied remains constant

D) Quantity supplied becomes unpredictable

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